Knight-Swift and DAT Announce Pilot Program for Advanced Predictive Rate Forecasting
PORTLAND, Ore., Jan. 06, 2020 (GLOBE NEWSWIRE) -- DAT Solutions announced today that it is supplying Knight-Swift Transportation, North America’s largest truckload fleet, with a powerful new rate forecasting tool to provide actionable short-term and long-term insights into transportation markets. The predictive analytics tool provides forecasts based on the DAT RateView database of more than $68 billion in annual freight transactions.
“Knight-Swift is eager to begin testing DAT’s new rate forecasting tools,” said Don Everhart, VP Technology & Analytics for Knight-Swift Logistics. “In our experience, DAT is the most accurate and complete source of spot and contract rate data available. We are looking forward to applying these rate predictions to significantly improve the speed we can serve customers, while mitigating price risk.”
The pilot program will run through Q1. The DAT Rate Forecast will then be made widely available to third-party logistics providers, freight brokers, truck fleets, financial analysts, and other industry stakeholders at the start of Q2.
“DAT’s data science team tested the rate prediction algorithms for months, back-checking its forecasts against actual results and refining the models to improve accuracy, but the partnership with Knight-Swift provides the perfect proving ground,” according to Ken Adamo, DAT Chief of Analytics.
“This pilot is an important step as we develop and broaden the commercial scope of our best-in-class forecasting tools,” explained Adamo. “Our forecasting is based on the most historically complete database on the market today. That’s important, because the best indicator of future prices is historical prices, and by teaming with Knight-Swift, we can continue to refine the algorithms to solve real-world problems.”
“Our customers grapple with uncertainty every day,” added Claude Pumilia, DAT Solutions CEO and President. “That’s why we’re proud to have earned the trust of Knight-Swift and look forward to working with them as they put our rate forecasting tools to use and get a clearer picture of the road ahead.”
About DAT SolutionsDAT operates the largest truckload freight marketplace in North America. Transportation brokers, motor carriers, news organization and industry analysts rely on DAT for market trends and data insights based on 256 million freight matches and a database of $68 billion in annual market transactions. As the industry standard in truckload pricing, DAT’s freight rate database also provides the index prices for freight futures contracts. Founded in 1978, DAT Solutions LLC is a wholly owned subsidiary of Roper Technologies (NYSE:ROP), a diversified technology company and constituent of the S&P 500, Fortune 1000, and Russell 1000 indices. www.DAT.com
About Knight-Swift TransportationKnight-Swift, through its Knight Transportation, Swift Transportation, Barr-Nunn, and Abilene Motor Express branded subsidiaries, operates the largest truckload fleet in North America, as well as extensive rail intermodal and non-asset based freight brokerage and logistics management services. With more than 60,000 trailers and 19,000 tractors, the company’s broad suite of services includes irregular route, dedicated, expedited, port drayage, and cross-border U.S./Mexico/Canada transport utilizing dry van, refrigerated, flatbed and specialized trailers, and intermodal containers.
Media Contacts: DAT SolutionsEileen Hart | VP Marketing & Corporate Communications Eileen.Hart@dat.com 503-672-5132
Knight -Swift TransportationKaetlynn Daoust | Logistics Brand/Marketing Specialist Kaetlynn_Daoust@SwiftTrans.com 623-208-4217